A look at the numbers for November, foreclosures and first time homeowners both in decline, and … how many more days until the lifts start up at Vail? This is an archived edition of our weekly news brief. Visit our Vail Valley Real Estate News page for the latest from the Rocky Mountain Home Team!
The Vail Board of Realtors Multiple Listing Service recorded 29 sales for the first 10 days of November 2015. As of November, 11, there were 859 residential listings in the Vail MLS, with an average list price per square foot of $782. Of that total, 299 homes were priced under $1 Million, with an average list price of $408 per square foot for homes under $1 Million.
The same period saw 24 new listings enter the Eagle County real estate market, including 10 homes listed at $1 Million or more. Meanwhile, 38 residential properties went under contract, including 6 homes listed at $1 Million or more.
The Vail Valley is home to an extremely diverse real estate market. While county-wide trends can be helpful to consider, remember that a free, no-obligation comparative market analysis from the Rocky Mountain Home Team is the best wat to determine what your home might be worth in today’s market. You can also find more regional market information at our Market Report Center.
Good news from RISMedia: “The number of foreclosures nationwide decreased year over year from 67,000 in September 2014 to 55,000 in September 2015. The number of completed foreclosures in September 2015 is a decrease of 52.8 percent from the peak of 117,438 in September 2010.”
“There are several reasons why there should be more first–time buyers reaching the market…. Unfortunately, there are just as many high hurdles slowing first–time buyers down. Increasing rents and home prices are impeding their ability to save for a down payment, there’s scarce inventory for new and existing–homes in their price range, and it’s still too difficult for some to get a mortgage.”
What to do in the Vail Valley
The beginning of November signals a brief period of quiet anticipation across the Vail Valley. Most of the off-season deals at local shops and restaurants are in their final days, and the snow has already started to fall. After an amazing autumn of mountain biking, the bikes are going into storage and the skis and snowboards are coming out. This brief pause is not destined to last: The Vail Ski Resort opens for the 2015-16 ski season on Friday, Nov. 20, with Beaver Creek to follow on the 25th. Be sure to look for the Rocky Mountain Home Team’s Michael Routh on the slopes!